I signed up just so I could vote yes! :)
Do it, Line 6. The Variax bass was before it's time. Technology has advanced, you are wiser now in the bass making ways.
I think the people with a lot of gripes about the Variax bass tones, didn't actually own one. Most of the modelers were very accurate. Maybe not 100% but darn close.
I'd buy an updated 705 with less battery fuss in a heartbeat.